Wire Transfer

What does Wire Transfer mean?
An electronic method of transferring money from one party to another. Wire transfers move through the extensive network of global banks, allowing for the secure and efficient transfer of money, both domestically and internationally. Wire transfers do not require the physical movement of cash, but instead are simply and electronic accounting of monies. When sending a wire transfer the sender pays a fee for the service upfront. The receiving back will deposit funds from its own reserves and then the two banks settle with each other on the backend. This is the reason no physical transfer of cash is needed for a wire transfer. With the advent of cryptocurrencies and blockchain technology it is very possible that wire transfers will soon be an outdated and deprecated method for transferring money.